China

In this round-up, the Caixin manufacturing Purchasing Managers’ Index (PMI) rebounded to above 50 following a V-shaped recovery in official PMIs, and US-listed Luckin Coffee saw its share price plunge by 75% after admitting to fabricated sales.

Hong Kong-listed Xiaomi Corp sold its first private placement Panda bond on Thursday. The Rmb1bn ($141m) deal was priced tighter than banks and the issuer previously expected.

BlackRock and Neuberger Berman are looking to set up wholly-owned mutual fund businesses in China, which this week loosened ownership restrictions for foreign asset managers.

Hong Kong saw a pair of block trades this week as WuXi Biologics Holdings offloaded HK$4.6bn ($599.4m) in WuXi Biologics (Cayman) stock and Viva China sold HK$1.51bn in Li Ning Co shares.

New Development Bank, a multilateral development bank established by the five BRICS countries, sold a Rmb5bn ($704m) three year Panda bond on Thursday. All proceeds will be used to fund an emergency loan NDB recently promised to three Chinese provincial governments to help them combat the Covid-19 outbreak. Rebecca Feng reports.

Beijing Enterprises Clean Energy Group is back in the offshore loan market, seeking a $150m borrowing seven months after its last deal.

China’s State Council has unveiled details on yet another stimulus package to support its economy, including more local government bonds, lower interest for loans and a potential cut in the reserve requirement ratio for smaller banks.

WuXi Biologics Holdings has pocketed HK$4.6bn ($599m) after selling part of its stake in subsidiary WuXi Biologics (Cayman).

Viva China Holdings has bagged HK$1.51bn ($194.3m) after selling a block of shares in Chinese sportswear manufacturer Li Ning Co at the top of the marketed range.

Carnival Cruises, the world’s largest leisure travel company, is rolling the dice on a coronavirus rescue package, launching a $1.25bn underwritten rights issue, $1.75bn convertible bond, and a $3bn dual currency high yield bond.

Viva China Holdings is selling a chunk of stock in sportswear manufacturer Li Ning Co worth as much as HK$1.51bn ($194.3m).

The China Securities Regulatory Commission (CSRC) has selected six domestic securities houses to be regulated on a consolidated basis. The move will grant these firms more flexibility in risk assessment and enable them to have a higher leverage ratio.